While carrying credit card debt is never advisable, now is a particularly tough time for consumers, with the average interest rate hitting a record high in the first quarter of 2023.

The average credit card interest rate is now 20.92%, which is higher than it's been at any point since the Federal Reserve began tracking annual percentage rates (APRs) in 1994, according to a new study from WalletHub. 

For new credit card offers, the average interest rate in the first quarter hit 22.15%, up from 18.32% during the same period a year earlier, according to the study. 

In the meanwhile banks that are changing usurious credit card rates are paying their depositors peanut.

The level of human greed in this current day and age is sad and disgusting. 
I've never seen anything like it in my lifetime. 

Lucky, I don't have a credit card because of my age the banks won't give me one I just have a debit card with just a low fee per year, I must add I am not in LOS I am in the west.

11 minutes ago, still kicking said:

Lucky, I don't have a credit card because of my age the banks won't give me one I just have a debit card with just a low fee per year, I must add I am not in LOS I am in the west.

 

 

Nothing to do with age, it is about credit rating.

 

Why on earth are you paying any fees on a debit card?

3 minutes ago, hotandsticky said:

 

 

Nothing to do with age, it is about credit rating.

 

Why on earth are you paying any fees on a debit card?

No, you are wrong if you are a pensioner in OZ you will not get a credit card unless you have other income, my credit rating is 100% Good I have no debts I never had just living on the pension is no security for the bank.

56 minutes ago, still kicking said:

No, you are wrong if you are a pensioner in OZ you will not get a credit card unless you have other income, my credit rating is 100% Good I have no debts I never had just living on the pension is no security for the bank.

Counterintuitively, having no debts doesn't mean you have a great credit rating.  At least that's how it works in the USA.  The credit rating companies look at your re-payment history on mortages, credit card and other loans.  If you have little or no payment history then you likely don't have a good credit rating.

 

https://www.creditninja.com/credit-score-algorithm/

 

4 minutes ago, gamb00ler said:

Counterintuitively, having no debts doesn't mean you have a great credit rating.  At least that's how it works in the USA.  The credit rating companies look at your re-payment history on mortages, credit card and other loans.  If you have little or no payment history then you likely don't have a good credit rating.

 

https://www.creditninja.com/credit-score-algorithm/

 

I do not have a mortgage, no loans, no payments on any credit cards nothing at all